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Tue 27 Nov 2018 10:26 AM

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Conventional bank assets reach AED 2.26tr in UAE

There are currently 60 banks operating in the UAE

Conventional bank assets reach AED 2.26tr in UAE

The assets of UAE conventional banks stood at AED 2.268 trillion at the end of October 2018, accounting for 80 percent of total banking assets in the country, according to recently released statistics from the Central Bank of the UAE on the activity of conventional and Sharia-compliant banks.

According to the statistics, total CB assets went up by AED 125 billion in the first 10 months of 2018, while Islamic banks’ assets stood at AED 573 billion at the end of October, representing 20 percent of total banking assets, which were recorded at AED 2.841 trillion at the end of the month.

Total loans provided by conventional bans rose to AED 1.274 trillion at the end of October, constituting 77.3 percent of total loans provided by banks in the UAE.

Approximately AED 374 billion in loans was provided by Islamic banks, representing 22.7 percent of the total.

Deposits at conventional banks were valued at approximately AED 1.321 trillion, or 77 percent of total deposits in UAE-based banks.

Meanwhile, deposits at Islamic banks totalled AED 400 billion, or 23 percent of total banking assets.

Central Bank figures show that there are currently 60 banks operating in the country, of which 52 are commercial and eight are Sharia-compliant.

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